The Nigerian Education Loan Fund (NELFUND) has dismissed as false a viral claim that President Bola Tinubu has approved life imprisonment for students who fail to repay their education loans after graduation.
The agency described the claim as fake news, while responding to a fabricated newspaper front page circulating online.
NELFUND, in a post on its official X account on Sunday, displayed the manipulated image purportedly showing the front page of the Tribune newspaper with a headline claiming that students who defaulted on loan repayments would be jailed for life.
The fund marked the image with a prominent “fake” inscription, urging the public to disregard the report.
Read Also:
- Your Children May Be Receiving NELFUND Loans Without Your Knowledge, Oyedele Says
- Tinubu Directs EFCC Cash Recoveries, N242bn Unclaimed Dividends to NELFUND
- NELFUND: 2 Years After, How Student Loans Have Changed Tertiary Education, What Comes Next
NELFUND has previously warned Nigerians about fabricated documents and misleading claims concerning the student loan scheme, including false reports about the suspension of upkeep payments and alleged demands for beneficiaries to begin repayment while still in school.
The education loan scheme was established under the Student Loans (Access to Higher Education) Act, which was signed into law by President Tinubu and subsequently re-enacted in 2024.
NELFUND provides interest-free loans to eligible students in public tertiary institutions to assist with institutional charges and monthly upkeep.
Under the existing repayment framework, beneficiaries are expected to begin repayment two years after completing the National Youth Service Corps programme, or obtaining an exemption, provided they are gainfully employed.
Repayment deductions are limited to 10 per cent of a beneficiary’s gross salary or income, with employers required to deduct the amount at source where applicable.
Self-employed beneficiaries are similarly required to remit 10 per cent of their income.
However, beneficiaries who remain unemployed after the stipulated period may apply for an extension by submitting a sworn declaration confirming their employment status.
NELFUND urged Nigerians to rely on its official communication channels for accurate information concerning the student loan programme and disregard unverified claims circulating on social media.
